HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shenzhen Mindray Bio-Medical Electronics (A/H Listing) - The Headwinds Still Exist

Pre-IPO Jintan - About the Business Model, the Risks and the Peer Comparison

Pre-IPO Shenzhen Salubris Pharmaceuticals (A/H Listing) - Innovative Drug Business Has Been on Track

Pre-IPO Betta Pharmaceuticals (A/H Listing) - Thoughts on the Pipeline, the Outlook, and Valuation

Equity Capital Markets

Banma Intelligence Group / Equity Capital Markets

<ul>
<li>The business model of Banma is undergoing a profound restructuring. The core business System-level OS Solutions is facing challenges, as the external competition is becoming increasingly fierce.</li>
<li>The ability to make money in the future has been “discounted” despite years of investment in core technology. A contraction in R&amp;D indicates a weakening of future growth momentum.</li>
<li>Considering that Banma still has technological attributes and a leading position in the industry, it may enjoy certain valuation premium. However, due to risks, the premium space could be limited.</li>
</ul>


The business model of Banma is undergoing a profound restructuring. The core business System-level OS Solutions is facing challenges, as the external competition is becoming increasingly fierce.
The ability to make money in the future has been “discounted” despite years of investment in core technology. A contraction in R&amp;D indicates a weakening of future growth momentum.
Considering that Banma still has technological attributes and a leading position in the industry, it may enjoy certain valuation premium. However, due to risks, the premium space could be limited.


iMotion Automotive Technology (Suzhou) (1274 HK)

Pre-IPO Banma Intelligence Group - The Strength and the Concerns